In November 2023, WWE shareholders filed a lawsuit against WWE concerning the TKO merger, as reported by PWMania.com. The lawsuit claims that WWE’s investigation into former Chairman Vince McMahon was a “sham” and that he manipulated the sale process to Endeavor for his own benefit.
Brandon Thurston from POST Wrestling reported that Vince McMahon, Ari Emanuel, Nick Khan, and Triple H are expected to testify as witnesses in the trial. The pre-trial order also lists Mark Shapiro among the witnesses, along with several others. Stephanie McMahon is another name on the list, and the plaintiffs may call her to testify either live or via deposition.
The report indicates that both plaintiffs and defendants intend to call McMahon and Emanuel as live witnesses in court. Notably, McMahon has separate legal representation from the other defendants, who include Khan, Triple H, George Barrios, and Michelle Wilson. While WWE and TKO are not direct parties to the lawsuit, they are believed to be funding the defendants’ legal bills, except for McMahon.
The trial is scheduled to begin on June 8th in the Delaware Court of Chancery. It alleges that McMahon orchestrated the deal for Endeavor to acquire WWE and merge it into TKO, all to ensure his continued presence with the company after being accused of sexual misconduct in the summer of 2022. He retired from WWE following these allegations but later maneuvered his way back onto the Board of Directors to facilitate the sale.
McMahon eventually stepped down from WWE and TKO shortly after being sued by Janel Grant, who alleges that he sexually abused, assaulted, and trafficked her. That lawsuit is still ongoing.
The full list of names who are intended to be called to testify are:
Plaintiffs Intend To Call Live:
* Vince McMahon
* Ari Emanuel
* Mark Shapiro
* Jeffrey Sine, Raine banker
* Frank Riddick, then-WWE Chief Financial Officer and board member
* Andrew Schleimer, TKO CFO and then-UFC CFO
* Brendan Houlihan, expert witness
* James Canessa, expert witness
Plaintiffs May Call Live Or By Deposition:
* Jeffrey Speed, then-WWE board member
* Stephanie McMahon
* Marty Patterson, Liberty Media President and CEO
* Steve Pamon, then-WWE board member
Defendants Intend To Call Live (Several Also Pppear Plaintiffs’ List):
* George Barrios, then-WWE board member and former WWE executive
* Brad Blum, former WWE executive
* Ari Emanuel
* Daniel Lee, Moelis Managing Director (an advisor in the process)
* Paul Finger, JP Morgan Managing Director (advisor)
* Nick Khan
* Steve Koonin, TKO board member, then-WWE board member
* Triple H
* Vince McMahon
* Frank Riddick
* Andrew Schleimer
* Mark Shapiro
* Jeffrey Sine
* Michelle Wilson, then-WWE board member and former WWE executive
* Mark Zhu, TKO Chief Strategy Officer and then-Endeavor executive
* Doug Perlman, expert witness
* Professor Steven Salaga, expert witness
* Professor David C. Smith, expert witness
* Matthew Archer, shareholder plaintiff
* Dennis Palkon, shareholder plaintiff
